i3 Energy PLC Announces Reduction of Share Capital

EASTLEIGH, UK / ACCESSWIRE / March 26, 2024 / i3 Energy PLC (AIM:I3E)(TSX:ITE), an independent oil and gas company with assets and operations in the UK and Canada, today announces that its Notice of General Meeting (the "Circular") was posted to Shareholders yesterday. The Circular contains details of a proposed reduction of capital (the "Capital Reduction"), being undertaken to ensure there are sufficient distributable reserves to facilitate dividend payments in the long term. This Capital Reduction process is not required to facilitate the payment of the next quarterly dividend.

Terms used in this announcement have the same meaning given to them in the Circular.

Notice of General Meeting, as determined by the Companies Act 2006 in the UK (considered a Notice of Special Meeting for the purposes of Canadian securities laws, as determined in accordance with National Instrument 54-101 - Communication with Beneficial Owners of Securities of a Reporting Issuer) ("NI 54-101") and referred to as a General Meeting throughout this Document.

The Circular, which was posted to Shareholders yesterday, is available on the Company's website at https://i3.energy. The Circular will also be filed under the Company's profile on SEDAR+ at www.sedarplus.ca.

The General Meeting ("GM") is to be held at the offices of W H Ireland Limited at 24 Martin Lane, London, EC4R 0DR at 11 a.m. (BST) on 15 April 2024. The General Meeting will be a "special meeting" for the purposes of NI 54-101.

Shareholders are strongly encouraged to appoint the Chair of the meeting as their proxy for the GM. This will ensure that your vote will be counted even if attendance at the GM is restricted or you are unable to attend. Shareholders should refer to the Circular for detailed instructions as to how they may submit their proxy for the GM.

The results of the votes on the resolution proposed at the GM will be announced as soon as practicable after the conclusion of the GM and will be available on the Company's website.

Proposed Capital Reduction
As outlined in our RNS issued on 11 March 2024, the Board considers it highly desirable that the Company has the maximum flexibility to continue the payment of dividends in line with its dividend policy and otherwise to return value to Shareholders. The capacity of a UK company to make distributions is restricted by the sufficiency of distributable reserves. The Board considers that it is to the benefit of shareholders that the significant value in the Group is reflected in the parent company balance sheet and is represented by distributable profits to facilitate a sustainable dividend policy.